APLD wheel: cash-secured put & covered-call yields
Applied Digital Corporation Common Stock · Technology · $24.53 close on Sep 28, 2026
What the Sep 28, 2026 close says about APLD
At 91.7% implied volatility, the options market is pricing a one-standard-deviation move of about $6.66 (27.2%) in APLD by Oct 30, 2026, 32 days out.
Selling the $22 put (−0.28Δ) for $1.30 means assignment would leave a cost basis of $20.70, 15.6% below the $24.53 close.
The 109-day 0.30Δ put pays 2.3× the premium of the 32-day one for 3.4× the time — more premium per day on the 32-day contract ($0.041 vs $0.028).
At 0.30Δ on the Oct 30 expiry the put yields 5.91% on its strike and the call 4.85% on spot: puts pay 1.2× what calls do on APLD this session.
Moving down to the $21 put (−0.22Δ) buys 4.1% more room below spot and keeps 71% of the 0.30Δ premium.
Open interest in the stored window totals 85,273 contracts; the largest single line is the $30 call expiring Jan 15 with 21,502 (25.2% of the window).
By options volume APLD ranks #97 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on APLD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | −0.28 | $1.30 Sep 28 | $130.00 | $2,200 | 5.91% | 67.4% | $20.70 | 92 | 169 |
| 0.20Δ | $21 | −0.22 | $0.92 Sep 28 | $92.00 | $2,100 | 4.38% | 50.0% | $20.08 | 543 | 135 |
Snapshot #63 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | −0.31 | $3.00 Sep 28 | $300.00 | $2,200 | 13.64% | 45.7% | $19.00 | 3,199 | 63 |
| 0.20Δ | $20 | −0.24 | $2.12 Sep 28 | $212.00 | $2,000 | 10.60% | 35.5% | $17.88 | 3,016 | 106 |
Snapshot #63 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on APLD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $29 | 0.32 | $1.19 Sep 28 | $119.00 | 4.85% | 55.3% | 23.07% | 263.2% | 63 | 50 |
| 0.20Δ | $32 | 0.21 | $0.72 Sep 28 | $72.00 | 2.94% | 33.5% | 33.39% | 380.8% | 168 | 58 |
Snapshot #63 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $36 | 0.29 | $1.80 Sep 28 | $180.00 | 7.34% | 24.6% | 54.10% | 181.2% | 1,111 | 29 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #63 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
APLD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 91.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 85,273 contractssession 2026-09-28
- Largest open-interest line
- $30 call · Jan 15 · 21,502
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #97 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.